Agmt04 O'Grady Paving (2) - Laserfiche WebLink

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III. CONTRACT TIME AND LIQUIDATED DAMAGES A. Contractor shall complete the Work within the following Schedule reflecting the date the Contract Time commences to run as set forth in Section 00550 (Notice to Proceed) and Section 00700 (General Conditions); and 1. Contractor shall achieve Substantial Completion of the Work within Sixty (60) Calendar Days from the date the Contract Time commences to run. B. liquidated DamaQes 1. City and Contractor recognize that time is of the essence of this Agreement and that City will suffer financial loss in the form of lost revenues, contract administration expenses (including project management and consultants' expenses), delay and loss of public use, if the Work is not completed within the time specified in paragraph II I. A. 1 above plus any extensions thereof allowed in accordance with the Contract Documents. Consistent with Document 00700 (General Conditions), Contractor and City agree that because of the nature of the Project, it would be impractical or extremely difficult to fix the amount of actual damages incurred by City because of a delay in completion of the Work. 2. Accordingly, City and Contractor agree that Contractor shall pay City Five Hundred and No/100 Dollars ($500) for each Day that expires after the time specified in Paragraph 1I1.A.1 of this Document 00520 for Contractor to achieve Substantial Completion, until such date as contractor achieves Substantial Completion. C. Liquidated damages for delay shall only cover and be in lieu of the actual damages suffered by City as a result of delay referenced above. Liquidated damages shall not cover the cost of completion of the Work, damages resulting from defective work, cost of temporary replacement facilities, damages suffered by others who then seek to recover their damages from City (for example, delay claims of other contractors or subcontractors), and defense costs thereof. IV. CITY'S ENGINEER AND REPRESENTATIVES Reserved V. CONTRACTOR'S REPRESENTATIONS AND WARRANTIES In order to induce City to enter into this Agreement, Contractor makes the following representations and warranties: A. Contractor has visited the Site and has examined thoroughly and understood the nature and extent of the Work, Site, locality, actual conditions, as built conditions, and all local conditions and federal, state and local laws and regulations that in any manner may affect cost, progress, performance or furnishing of Work or which relate to any aspect of the design and the means, methods, techniques, sequences or procedures of Attyl Agrl Agr.226 081704 2 -